TORONTO, ONTARIO--(Marketwired - March 27, 2017) - Galantas Gold Corporation (the 'Company') (TSX VENTURE:GAL)(AIM:GAL) reports that it has awarded 4,900,000 incentive stock options on the Company's common shares to directors, officers, consultants and key employees, in accordance with the terms of the Company's incentive Stock Option Plan (2004). The exercise price for the options, which expire on March 25 2022, is $0.135 Canadian per share and the grant of these options was approved by the Board on March 25 2017. The options will vest as to one third on March 25 2017 and one third on each of the following two anniversaries. The majority (76.5%) of the share options in this issuance have been awarded to non-directors, mainly employees (existing or newly appointed) directly involved in operations at the wholly owned Omagh gold mine, now in engaged in underground development.
Number of options issued to directors and executives are noted below:
| Director or Executive Officer | Present office | Number of Common Shares Owned, Beneficially Held or Controlled | % of Class Held or Controlled | Number of existing share options | Exercise price of existing share options | Expiry date of existing share options | New options granted | Total options held following grant | ||||||||
| Ronald Alexander | Director | 112,000 | 0.07 | % | 100,000 | $0.105 | June 1st, 2020 | 100,000 | 200,000 | |||||||
| Lionel J. Gunter | Non-Executive Chairman and Director | 3,393,088 | 1.99 | % | 200,000 | $0.105 | June 1st, 2020 | 200,000 | 400,000 | |||||||
| Roland Phelps | President and Chief Executive Officer and Director | 33,356,750 | 19.52 | % | 500,000 | $0.105 | June 1st, 2020 | 500,000 | 1,000,000 | |||||||
| James B. Clancy | Director | 36,846 | 0.02 | % | 100,000 | $0.105 | June 1st, 2020 | 100,000 | 200,000 | |||||||
| James I. Golla | Director | 20,000 | 0.01 | % | 100,000 | $0.105 | June 1st, 2020 | 100,000 | 200,000 | |||||||
| Leo O'Shaughnessy | Chief Financial Officer | 320,500 | 0.19 | % | 200,000 | $0.105 | June 1st, 2020 | 200,000 | 400,000 |
The total number of incentive stock options outstanding prior to this award was 3,700,000 with an exercise price of $0.105 Canadian per share resulting in the total number of incentive stock options now outstanding for the Company being 8,600,000.
As at March 3, 2017 Galantas Gold Corporation Issued and Outstanding Shares total 170,894,087.
This disclosure has been authorised by Roland Phelps (President & CEO) Galantas Gold Corporation.
The Incentive Stock Option award is subject to TSX Venture Exchange approval.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
Contact Information:
L. Jack Gunter P.Eng
Chairman
(UK) +44 (0) 2882 241100
Galantas Gold Corporation
Roland Phelps C.Eng
President & CEO
(UK) +44 (0) 2882 241100
info@galantas.com
www.galantas.com
Grant Thornton UK LLP (Nomad)
Philip Secrett, Richard Tonthat
+44(0)20 7383 5100
Whitman Howard Ltd (Broker & Corporate Adviser)
Nick Lovering, Grant Barker
+44(0)20 7659 1234